WHAT DO GAME DEVS THINK OF WEB3 GAMING?

Most game developers believe web3 has a considerable role to play in the future of gaming. That’s the headline from an international survey of game developers conducted by Coda Labs, a mobile games company building fun games powered by web3 tech, with Raptor PR, a b2b communications agency for video games, web3 gaming, and media brands.

The survey discovered that three-quarters of respondents expect web3 to play a significant part in their future strategies, while more than half (56%) believe that it will revolutionise the gaming industry. However, a sizable minority disagree. Almost one third (32%) said that web3 games are a fad and won’t be around for long, and 31% labelled them a scam. This information builds upon the findings of the Coda Labs Global Web3 Gamer Study, the biggest ever web3 survey canvassing the opinions of nearly 7,000 gamers, across all platforms, from every continent.

The international survey of games industry professionals comprises responses from 154 participants, with most based in the USA, UK, and Turkey. Three-quarters of those taking part work directly on programming and development, with just over one quarter being company founders or senior management. The study was conducted by Walr. 

Sekip Can Gökalp, CEO and Founder of Coda Labs, commented:

“The potential benefits of web3 games for players are well-debated, but the upsides for developers and studios tend to fall by the wayside. This survey shows that a majority of developers have already dipped their toes into web3 game development, driven by benefits such as additional funding, new revenue streams, and player retention. As with our consumer study earlier this year, it’s also clear that there are plenty who don’t perceive benefits for them. As someone who has published mobile games totalling more than 100 million downloads, I do believe that the current model of paid user acquisition and platform fees is out of date, and web3 represents an opportunity for developers to replace it with a more equitable one.”

Rana Rahman, Founder and CEO at Raptor PR, added:

“Despite polarised opinions about web3 gaming in both consumer gaming and games industry circles, there’s an undeniable momentum behind it – as this data shows. This momentum isn’t just purely driven by commercial gain, such as a drive to be the next F2P, but to improve aspects of gaming and the business of the games industry. As well as better revenue share for creators and devs, obvious player-first concepts such as gameplay progression and basic interoperability spring to mind. Based on my discussions with industry leaders from indies to AAAs, there’s a ton of activity happening to deliver games with smart use of web3. It’s not a question of ‘if’ web3 gaming will take off, rather, ‘when’.” 

Key findings:

• Web3 games may be a revolution…
  More than half (56%) believe that Web3 technology will revolutionise the gaming industry, with 60% agreeing that it will be around for a long time 

• …But not everybody’s convinced
  Nearly one-third (32%) believe that web3 games are a fad and won’t be around very long. 31% would go so far as to say that web3 games are a scam 

• New revenue streams and new users
  Developers expect the main benefit they derive from web3 to be new revenue streams via the sale of NFTs (47%) or tokens (43%). 40% anticipate improved user acquisition, with 36% expecting improvements in user retention

• Three-quarters expect to work in web3 in the future
  When asked about their company’s future web3 development strategy, 75% expect web3 games to feature

• Web3 work is underway, but launches are few
  62% have experience of working on web3 games, but less than a quarter (23%) have already launched one

• Companies are hiring for web3 right now
  More than half (57%) say that they are currently hiring for web3 roles, indicating it’s a growth sector

• Player adoption may be a problem
  More than a quarter (27%) of participants cited player adoption as the main obstacle for web3 games to overcome. Tying in with this, 21% were conscious of the often complex user experience of web3 games 

Despite an ongoing ‘crypto winter’ and a series of crises among web3 companies, investment in blockchain gaming has remained relatively strong. In 2022, at least $7.8 billion has been invested into web3 games and gaming projects, while Animoca Brands has recently announced a new $2 billion fund dedicated to metaverse startups.